# Eurozone Subsample Analysis

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| H1: EZ members → gross_assets | gross_assets_gdp | 369 | 18 | -0.084 |
| H2: EZ members → portfolio_assets | portfolio_assets_gdp | 369 | 18 | 0.158 |
| H3: EZ members → debt_share | debt_share_assets | 369 | 18 | -0.265 |
| H4: Non-EZ → gross_assets | gross_assets_gdp | 4,927 | 177 | 0.016 |
| H5: Z×EZ → gross_assets | gross_assets_gdp | 5,296 | 177 | 0.032 |
| H6: OECD non-EZ → gross_assets | gross_assets_gdp | 824 | 37 | 0.138 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| H1: EZ members → gross_assets | Z_1 | 8277.9923 | 3704.1224 | 0.0260 | ** |
| H1: EZ members → gross_assets | Z_2 | -979.1329 | 481.7192 | 0.0428 | ** |
| H1: EZ members → gross_assets | Z_3 | 33.8173 | 18.2172 | 0.0642 | * |
| H2: EZ members → portfolio_assets | Z_1 | -3353.9858 | 1618.9386 | 0.0390 | ** |
| H2: EZ members → portfolio_assets | Z_2 | 440.8312 | 211.0437 | 0.0374 | ** |
| H2: EZ members → portfolio_assets | Z_3 | -16.7276 | 7.9562 | 0.0362 | ** |
| H3: EZ members → debt_share | Z_1 | 0.2622 | 0.8293 | 0.7521 |  |
| H3: EZ members → debt_share | Z_2 | -0.0128 | 0.1078 | 0.9053 |  |
| H3: EZ members → debt_share | Z_3 | -0.0006 | 0.0041 | 0.8926 |  |
| H4: Non-EZ → gross_assets | Z_1 | -1721.2632 | 595.3562 | 0.0039 | *** |
| H4: Non-EZ → gross_assets | Z_2 | 283.4094 | 89.3373 | 0.0015 | *** |
| H4: Non-EZ → gross_assets | Z_3 | -12.0376 | 3.6968 | 0.0011 | *** |
| H5: Z×EZ → gross_assets | Z_1 | -1336.8000 | 589.3884 | 0.0234 | ** |
| H5: Z×EZ → gross_assets | Z_2 | 224.5584 | 88.0786 | 0.0108 | ** |
| H5: Z×EZ → gross_assets | Z_3 | -9.4908 | 3.6315 | 0.0090 | *** |
| H5: Z×EZ → gross_assets | eurozone | 356.9240 | 56.5995 | 0.0000 | *** |
| H5: Z×EZ → gross_assets | Z_1_x_ez | -366.5603 | 85.5575 | 0.0000 | *** |
| H6: OECD non-EZ → gross_assets | Z_1 | -2.8966 | 534.7938 | 0.9957 |  |
| H6: OECD non-EZ → gross_assets | Z_2 | 5.4692 | 73.3267 | 0.9406 |  |
| H6: OECD non-EZ → gross_assets | Z_3 | -0.1949 | 2.8183 | 0.9449 |  |

*Eurozone membership is time-varying (19 members, staggered entry 1999-2015). Tests whether fixed exchange rates intensify demographic home bias.*